We all hear what's going on the news and it's pretty dreadful out there. The economy is in the shambles. We all hear what's going on in the financial, retail and auto industries. Banks like Citi are breaking up. Bank of America has issues of their own with their "toxic" assets on their balance sheets requesting for government financial bailout. Layoffs are happening everywhere in the almost every industry.
With the way the economy is going, the professional services industry is getting hit hard. Yesterday, KMPG sent out an e-mail to all their staffs with the following 2 options: the first is to voluntarily take a leave of absence anywhere from 4-12 weeks for 30% of their pay and the second is to move to a 4 day work week with the 5th day being unpaid. Other large accounting firms such as BDO and Grant Thorton also had to re-structure based on the current economic conditions- Grant Thorton announced that they will lay off 225 staffs and 40 partners and BDO said that they will lay off 250 staff members. Law firms and other service providers are also getting hit hard from the serious economic conditions.
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